Journal of Financial Risk Management, 2022, 11, 311-322

https://www.scirp.org/journal/jfrm
ISSN Online: 2167-9541
ISSN Print: 2167-9533

A Literature Study of the Impact of COVID-19

Pandemic on the Financing of the SMEs in China

Hui Jia, Shenrui Zhang, Ruibin Xu*, Qingya Zhang, Beining Guo

School of Economics and Management, Beijing Institute of Petrochemical Technology, Beijing, China

How to cite this paper: Jia, H., Zhang, S. Abstract

R., Xu, R. B., Zhang, Q. Y., & Guo, B. N.
(2022). A Literature Study of the Impact of
COVID-19 Pandemic on the Financing of
the SMEs in China. Journal of Financial
Risk Management, 11, 311-322.
https://doi.org/10.4236/jfrm.2022.112016
Received: June 24, 2021
Accepted: May 24, 2022
Published: May 27, 2022
Copyright © 2022 by author(s) and
Scientific Research Publishing Inc.
This work is licensed under the Creative
Commons Attribution International
License (CC BY 4.0).
http://creativecommons.org/licenses/by/4.0/
Open Access
Although the containment of the COVID-19 pandemic has achieved a critical
victory in China since 2020, it has undeniably brought a huge impact on the
economy. Especially for the small and medium-sized enterprises (SMEs) lo-
cated at the end of the industrial chain, whose comprehensive strength is
weak, they are generally facing severe survival challenges. Under the complex
and severe situation, a financing bailout can not solve the fundamental prob-
lem, but it is an effective way to alleviate the urgent needs of the SMEs. This
paper systematically reviews the impact of the pandemic on the SMEs’ fi-
nancing, the limitations of the SMEs’ financing channels, the problems of the
SMEs exposed by “financing difficulties” during the pandemic, and how to
promote financing and help the SMEs strengthen and expand.
Keywords
COVID-19, Pandemic, China, SMEs, Financing

1. Introduction
The COVID-19 pandemic outbreak in 2020 was the most severe infectious dis-
ease pandemic to occur globally in nearly a century. The spread and persistence
of the pandemic have repeatedly updated expectations, causing a strong impact
on employment, cash flow, production, sales, and other links of the SMEs, and
exacerbating the complexity and urgency of financing. The pandemic is hitting
both the supply and demand sides of the economy, making the impact on the
SMEs persistent and showing systematic and structural characteristics. The
SMEs face a major threat to their existence (Wang & Wang, 2020). In a complex
and severe situation, a financing bailout cannot solve the fundamental problems
of the SMEs, but it is an effective way to alleviate the urgent need. What is the
*Corresponding author.

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H. Jia et al.

impact of the COVID-19 pandemic on the SMEs financing? What are the limita-
tions of financing channels for the SMEs? What are the problems of the SMEs
exposed by “financing difficulties” during the pandemic? How can we promote
financing and help the SMEs strengthen and expand? As the pandemic contin-
ues to spread and persist, these issues become the focus of this article.

2. The Limitations of Financing Channels for the SMEs

The SMEs have played an important role in China’s economic development. The
SMEs in China have typical characteristics of “Five, Six, Seven, Eight, Nine”, that
is, they contribute more than 50% of the national tax revenue, more than 60% of
GDP, more than 70% of technological innovation achievements, more than 80%
of the employment and More than 90% of the number of enterprises (Gu et al.,
2022). The threshold and market dividend of the SMEs provide opportunities for
their development and expansion. However, the SMEs are in a disadvantageous
position in the competition due to their small scale and the small number of
personnel, and their capital budget also faces many difficulties. Since the out-
break of the COVID-19 pandemic in early 2020, the financial industry has taken
a variety of measures to effectively mitigate the impact of the pandemic on the
financial market and the real economy to a certain extent, but it has also exposed
the inadequacy of financial industry management in the face of emergencies
(Yang, 2022). The financing of the SMEs in China is mainly indirect financing,
supplemented by direct financing. As China’s financial system is not perfect, the
financing channels of the SMEs have various limitations (Figure 1).

Figure 1. Limitations of internal and external financing channels for the SMEs.

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 H. Jia et al.

Firstly, there exist limitations in the internal financing channels. The COVID-19
pandemic has significantly reduced the profitability of the SMEs, reduced the
retained earnings, and the amount of internal financing cannot meet their actual
needs. Cao et al. (2021) found that under the background of the continuous
pandemic, the rate of return on investment was also significantly reduced, re-
sulting in huge differences among shareholders. The internal channels could not
be developed when opinions could not be unified.
Secondly, it is the limitation of debt financing. Debts financing is the main
channel of external financing for the SMEs, and the specific financing categories
include bank loans, institution loans, private loans, network loans, etc., but each
has some limitations. The bank loan threshold is high, many SMEs do not meet
the requirements. The interest rate of the Institution loan is high, the financing
cost is much higher than banks, increasing the burden on the SMEs themselves.
Private loans have legal risks and are not suitable for use. The reputation of the
network lending is worth discussing, with frequent negative news, resulting in
the SMEs dare not set foot in. Due to the relatively small scale of the SMEs, if the
internal capital is tight and surplus capital is insufficient, it will be difficult to
support the subsequent development of enterprises and repay the loans in the
early stage. Therefore, the creditors have requirements on risks and returns of
investment, and the SMEs usually rely on the third-party institutions to meet the
requirements of creditors and the SMEs at the same time (Zhao, 2020). Through
indirect financing, enterprises can obtain part of the capital, but the cost of financing
is high. If the SMEs cannot have enough profits or capital circulation, it is easy
to cause a capital chain fracture.
Thirdly, it is the limitation of equity financing. The cost of equity financing is
high, the process is complicated, social funds are gradually tightened, and direct
financing is more difficult. The limitation of this financing channel is that most
SMEs cannot reach the GEM threshold, and the financing capacity of the New
Third Board Market is lower than expected, which reduces the willingness of the
SMEs to enter (Xu, 2021). Equity financing involves a lot of professional legal
issues and legal risks. In addition, China lacks authoritative equity evaluation in-
stitutions to determine the value of equity, once in operation, it is easy to cause
corporate structure change or hostile takeover and other behaviors. In addition,
China’s stock issuance system is an approval system, which has strict require-
ments for listed companies, and the capital market does not play a good role.
Moreover, due to the large number of SMEs in China, direct financing of the
SMEs is not a high proportion.
Finally, there are the limitations of policy-based financing. The main supplier
of policy-based financing is the government. The limitation of this model lies in
the management. Some SMEs window-dress for their own interests to deceive
the government, their own strength is not enough, but can get policy loans. The
amount of policy-based financing is small and the payback period is short. The
SMEs, especially R & D enterprises, have a long R & D cycle and need a long-term

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H. Jia et al.

capital guarantee, which obviously cannot meet their development demands

(Yuan & Chen, 2021).
The financing of the SMEs has always been a very important issue that coun-
tries have always attached great importance to, but there has been no good solu-
tion. Coupled with the ongoing COVID-19 pandemic, the limitations of various
financing channels for the SMEs have become increasingly prominent.

3. The Impact of COVID-19 Pandemic on the SMEs’ Financing

The continuous spread and persistence of the COVID-19 pandemic have a sig-
nificant impact on the financing supply and demand of the SMEs (Figure 2).
The COVID-19 pandemic has affected the supply of financing to the SMEs.
Although China has won a decisive victory in COVID-19 prevention and con-
trol, the situation in developed countries such as Europe and the US is not opti-
mistic, and the pandemic is likely to continue, which is bound to seriously affect
the financing environment of enterprises. Around the world, the pandemic has
had a huge impact on the global economy. It has caused havoc in global stock
markets. For example, the US stock market has triggered multiple circuit break-
ers (Guan, 2021). The stock market is based on market confidence. If investors
see the decline in market confidence, they will reduce their interest in invest-
ment, so that the financing environment of the SMEs will present a situation of
few opportunities and high requirements. In China, due to the COVID-19 pan-
demic, the stock market has been on a downward trend since the opening of
2020. As the pandemic is gradually brought under control, the downward trend
has eased, but some SMEs have been negatively affected by direct financing
through securities issuance. According to the capital flow of the market (Shang-
hai and Shenzhen stock markets) calculated by the WIND database, the capital
flow of the stock market from January to March 2020, when the pandemic was
serious, was basically negative. The fixed-asset investment (excluding farmers) in

Figure 2. The impact of COVID-19 pandemic on the SMEs’ financing supply and de-
mand.

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 H. Jia et al.

March was −9.5%, and the manufacturing investment in March was −20.6%
(Yan, 2020). As a response, the CBRC lowered the short-term loan interest rate
of enterprise loans by 0.5 percentage points, which is undoubtedly good news for
the financing supply of SMEs. In general, the COVID-19 pandemic has affected
China’s domestic financing environment.
The COVID-19 pandemic has affected the financing demand of the SMEs.
The continuation of the COVID-19 pandemic has brought a great impact on
China’s economy. When the pandemic was serious, large-scale movement of
people was prohibited, and many enterprises could not operate normally, re-
sulting in a slowdown in GDP growth. When there is increasing instability in the
economic situation, people tend to take advantage of the disadvantages. The
SMEs’ investors are also cautious in gauging their financing needs due to the in-
creased risk factors posed by the pandemic.
Small, medium- and long-term and stable funds become the key point of fi-
nancing for small and micro-enterprises. In early 2020, the Institute of Inclusive
Finance at Renmin University of China released the Impact of COVID-19 pan-
demic on the Financial Health of Weak Economies and Policy Recommendations
(hereinafter referred to as the Report)1. The report focuses on working-class and
small business owners, and uses their financial health assessment as a starting
point to explore the policy demands of weak economies after the outbreak and
the direction of future improvement or transformation. After processing and
analyzing the results of a sample of nearly 2000 people, the report shows that
workers and small business owners are less able to manage their finances and
emergency management, so they need smaller and more stable loans in the face
of post-pandemic recovery and funding gaps. Internet banks and non-bank fi-
nancial institutions have played a more prominent role as capillaries in serving
weak economies due to the requirements of pandemic prevention and control,
and the obstacles of bank loan applications for small enterprises. According to
the report, the first three months after the outbreak are the “life and death line”
for most small and micro-businesses. The capital gap of small enterprises is con-
centrated in less than 1 million yuan, and they prefer medium- and long-term
loans (1 year or more). Contrary to the popular belief that small business owners
prefer flexible loans, more than half of those surveyed want fixed-term loans of a
year or more. On the one hand, after the resumption of production for a period
of time, enterprises may slow down the withdrawal of funds, and loans naturally
need to be extended. On the other hand, many business owners are worried
about the risk of loan withdrawal and loan termination, and they value the sta-
bility of loan funds more than the additional capital cost brought by medium
and long-term loans.
Different types of SMEs have different financing demands. At present, there
are three regional supply chains in the world, namely, the Asian supply chain,
1
China Institute of Inclusive Finance, RENMIN University of China: Diagnosing the impact of
COVID-19 on the financial health of weak Economies and policy recommendations. 2020-03-11
(https://www.163.com/money/article/F7EIN7NR00259D61.html).

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H. Jia et al.

European supply chain, and North American supply chain. The three supply
chains are centered in China, Germany, and the United States. The global supply
chain is deeply integrated, and the pandemic prevention and control situation
abroad will in turn affect China, where export enterprises may encounter diffi-
culties in receiving orders, fulfilling contracts, logistics and transportation
channels, and tariff barriers (Peng & Han, 2020). The pandemic has had a major
impact on some concentrated industries, such as cultural tourism, catering,
transportation, film and television entertainment, and real estate. With the
spread of the pandemic abroad, the domestic foreign trade industry has been
greatly affected, consumption is expected to shrink, and brands have canceled or
contracted the scale of foreign trade orders. These foreign trade industries
mainly include Chinese electrical machinery, apparatus and instruments, tex-
tiles, chemicals, and so on. The SMEs in these industries have been affected by
the upstream and downstream industries, as well as themselves. Whether they
need to operate as usual depends on the severity and scope of the pandemic.
Therefore, some SMEs have reduced financing needs for their own development.
However, internet-related industries, such as software and computer industries,
online education, e-commerce, and remote software, developed rapidly during
the pandemic and led the GDP growth (Zhang, 2021). Compared with other in-
dustries, these industries have greater demand for capital, and companies can
also profit. In addition, some medical equipment and food companies are also in
immediate need during the pandemic. The COVID-19 pandemic has little im-
pact on these companies, and these SMEs have a greater need for capital. As the
pandemic in China has been gradually brought under control, the rate of re-
sumption of work has increased and financing needs have increased accordingly.

4. The Problems of the SMEs Exposed by “Financing

Difficulties” during the Pandemic
The capital chain and the cash flow are the primary problems (Zhu, 2020). Since
the operation scale of the SMEs is not as large as that of large enterprises, their
cash flow is not abundant. The long duration of the pandemic has brought fi-
nancial difficulties to micro, small and medium-sized enterprises. According to
the survey, 34 percent of companies can maintain cash flow for one month, 33.1
percent for two months, and only 9.96 percent for more than six months (Zhu et
al., 2020). Without the continuous flow of capital, it is difficult for enterprises to
continue to produce products and afford workers’ salaries. With the rise of lo-
gistics costs and raw materials during the pandemic, all these have become heavy
burdens for enterprises to survive. As the entire economy is affected by the pan-
demic, financing costs have risen further, and it is very difficult for SMEs to sur-
vive by means of debt financing.
The second problem is the single business model and relatively closed man-
agement. In terms of operation, the SMEs generally have shortcomings, and
their business model cannot match the market well. Too single business model

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 H. Jia et al.

may lead to big fluctuations in profitability once market demand changes. The
pandemic has shifted a lot of offline businesses to online businesses. If an enter-
prise had developed both online and offline business, it would not have a big
impact on the sales. However, due to limited self-owned funds, financing diffi-
culties, and limited development platforms, the SMEs can only choose a single
business model in many cases.
In terms of management appointments, many SMEs integrate ownership, ad-
ministration, and management rights. This does have certain advantages. Indi-
viduals can have complete control over the enterprise and the decisions they
make can directly affect the enterprise. However, the disadvantage is that the
important positions in the important functional departments of the enterprise
are held by acquaintances and relatives, which is easy to cause management de-
cisions cannot be well handed down. Even if there is a mistake on the job, it is
possible not to make a penalty due to kindness. And because they have complete
control over the business, owners may not hire people on merit, making it diffi-
cult for outsiders to bring new blood into the business. When the economic envi-
ronment changes dramatically, it may be difficult to adapt quickly to the challenge.
Thirdly, it is the inadequate capacity of the SMEs to withstand external risks
such as the COVID-19 pandemic. This is the inherent limitation of the SMEs.
Due to the small scale, most enterprises have not established scientific and per-
fect systems and awareness of risk countermeasures to deal with external risks
such as the COVID-19 pandemic. Out of the principle of cost and benefit, they
think the cost of doing so is too high and choose to give up (Liu et al., 2020).
Thus, compared with large enterprises, the SMEs often fail to cope with external
risks due to a lack of sound measures to deal with risks, lack of their own funds,
and insufficient emergency cash flow, which ultimately leads to limited devel-
opment.
Fourthly, it is the transformation difficulty of the SMEs. Due to the low start-
ing point, the SMEs still follow the traditional business model and follow the
original management system, instead of actively transforming. Indeed some en-
terprises want to embark on the path of digital transformation. However, due to
the low status of small enterprises in the capital market and financial institutions
and the difficulty in implementing credit review, they cannot control the right to
speak when allocating resources. Without the funds needed for development and
transformation, enterprises can only passively accept the market environment
(Yang & Yang, 2020). Due to the continuing impact of the pandemic, many
SMEs have suffered from rising costs, declining profits, tight cash flow, and dif-
ficult and expensive financing, making it more difficult to transform.

5. The Financing Strategies of the SMEs under the

Impact of COVID-19 Pandemic
The SMEs should improve their comprehensive strength. The COVID-19 pan-
demic is a huge test for the survival of enterprises. Large enterprises can effec-

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H. Jia et al.

tively cope with the crisis due to their strong assets, abundant cash flow, and
good risk prevention measures. But for those SMEs with relatively weak assets,
insufficient cash flow, and imperfect risk management systems, are faced with
the test of life and death. In the face of the pandemic, it is essential for the SMEs
to strengthen themselves. Only when the SMEs let investors see the strong mar-
ket development potential can investors have the confidence to provide funds.
The SMEs should be prepared for a prolonged or regular pandemic, strengthen
product innovation and R & D, and prepare for market expansion during the
pandemic. Through the improvement of its product research and development,
enterprise management, and business development capabilities, the majority of
investors realize that this is a high-quality the SME that can create value with the
economic recovery (Xiang, 2021). In terms of financing capacity shaping (Figure
3), the SMEs should do the following (Table 1): First, the brand influence, the
popularity, and the reputation should be excellent, so that investors can see the

Figure 3. The approaches of the SMEs financing capacity shaping.

Table 1. The specific practice of the SMEs’ financing capacity shaping.

Approach Specific Practice

Branding Build strong brand influence, visibility, reputation, let investors

Management see the market value of the enterprise

Reform of Bid farewell to extensive mode and adopt modern system

management system

Credit Management Strengthen enterprise market credit maintenance, legal person

credit construction, staff credit awareness and so on

Financing Fine management of financing scale, repayment plan, work

Development Plan docking, etc., to conduct high-quality and efficient financing
docking

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 H. Jia et al.

market value of the enterprise (Zhang et al., 2021). Second, the SMEs should bid
farewell to extensive mode and adopt modern systems in the management sys-
tem. Third, the SMEs must strengthen credit management. This includes market
credit maintenance, legal person credit construction, employee credit con-
sciousness, and so on. Fourth, the SMEs should emphasize enterprise financing
development planning. Only through fine management of financing scale, re-
payment plan, and work docking, can high-quality and efficient financing dock-
ing be carried out.
The government should strengthen the public services of financing. First, fi-
nancing costs for the SMEs should be further lowered (Lai, 2022). The commu-
nication costs should be reduced and the matching degree and precision of fi-
nancing should be improved. Scientific policy research can be carried out ac-
cording to the economic losses of various industries affected by the pandemic, so
as to propose reasonable financing service policies. Interest repayment costs can
be reduced by lowering tax rates, credit enhancement standards can be appro-
priately relaxed, and the bank review period can be shortened to accelerate the
speed of funds in place. Second, the government helps to enhance the credibility
of the SMEs (Luo et al., 2020), and makes use ovarious risk compensation me-
chanisms such as loan risk compensation, guarantee subsidies, etc., to exempt
the capital investment institutions from future worries (Qi & Liu, 2021). The
government should provide better financing support policies, especially for the
assessment of the actual impact of the pandemic risk on enterprises in various
industries. Flexible credit policies should be adopted instead of blindly with-
drawing loans, cutting off loans, or restricting loans (Li, 2018). For enterprises
with tight cash flow, the existing loan repayment term can be postponed.
Fourthly, special subsidy funds can be set up by national or local finance based
on the situation of the pandemic. From the perspective of the whole industrial
chain, comprehensive financial subsidies can be used to alleviate the develop-
ment dilemma of the industry (Qin & Gui, 2021). In addition, financial re-
sources within the industry can help to support peer enterprises to overcome
difficulties.
The credit system of the financing market should be further improved. It is
necessary to perfect the credit guarantee system, set up professional institutions
to provide credit guarantees for the SMEs, and strengthen the normative role of
administrative power through the three-dimensional combination of laws and
regulations, policies and mechanisms, and then through effective guidance,
scientific management to effectively play the role of market financing (Chen &
Qin, 2020). At present, due to the impact of the pandemic, relevant industries
are suspended, resulting in abundant idle capital and private wealth, but there
are no good investment opportunities and channels. Financing management in-
stitutions should take advantage of the pandemic to solve the financing difficul-
ties of the SMEs. We should not rely solely on banks as a single financing chan-
nel, but should develop a diversified financial service system, and the direction

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H. Jia et al.

of diversification is based on the improvement of the credit system to introduce

the private liquidity restrained into the financing market during the pandemic
(He, 2021). In line with the principle of controllable risks, objective returns, and
laws to follow, private capital should be integrated to improve the financing dif-
ficulties of the SMEs during the pandemic emergency.
Encourage the SMEs to introduce foreign investment as appropriate. Coun-
tries around the world are suffering from the negative impact of the COVID-19
pandemic. China should work with entrepreneurs and investment institutions
from all over the world to attract high-quality foreign technology and capital
through the policy of “bringing in” under the principle of unity, cooperation,
mutual benefit and progress, and guide foreign capital into China’s financing
channels in a planned, legal and systematic way (Du, 2022). For example, the
New Third Board Market can be used to help high-quality SMEs to obtain fi-
nancing through IPO (Wang & Ji, 2021; Wang, 2020). The SMEs can also carry
out new financing ways such as private equity financing under the effective su-
pervision of laws and regulations (Shi, 2020).
Promote the improvement and maturity of the venture capital. Venture capi-
tal is a kind of financing behavior in which professional investment companies
or investment consortiums exchange funds for the equity of start-up companies.
The venture capital has become one of the important financing ways for the
SMEs to grow stronger through government guidance, social participation, and
market interaction in China (Zhou, 2022). In the special period when the pan-
demic continues, we need to further leverage the financing role of venture capi-
tal and promote cooperation opportunities for the SMEs in science and technol-
ogy, service, and asset-light operation that are suitable for venture capital fi-
nancing, so as to help them tide over difficulties.

6. Conclusion
The spread and duration of the COVID-19 pandemic have caused great damage
to the development of the SMEs. Therefore, the government should formulate
reasonable laws and regulations from the overall point of view to regulate fi-
nancing behavior. Banks and investors should appropriately improve the effi-
ciency of financing services based on the credit investigation system, reduce the
overall cost of financing, and enable the SMEs to get timely financing assistance
in rational management, so as to alleviate the negative impact brought by the
pandemic. By stimulating the vitality of the SMEs, the economic fundamentals
would be boosted, and the task of economic development in the face of the on-
going COVID-19 pandemic could be effectively accomplished.

Funding
1) The Employment Supports for Land-expropriated Farmers of Daxing Dis-
trict in Beijing—from the Perspective of Three-dimensional Capital, Beijing So-
cial Science Foundation Research Base Project (16JDSRC008).

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 H. Jia et al.

2) The Impact of COVID-19 pandemic on the Financing of the SMEs, Beijing

URT Project (2021J00059).

Conflicts of Interest
The authors declare no conflicts of interest regarding the publication of this pa-
per.

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DOI: 10.4236/jfrm.2022.112016 322 Journal of Financial Risk Management